Epic Data Announces First Quarter Results
february 27, 2009
VANCOUVER, B.C.— Epic Data International Inc. (TSX-V: EKD), a provider of manufacturing operations management and real-time data collection solutions, today announced the financial results for its first quarter of fiscal year 2009. All figures are quoted in Canadian dollars.
First Quarter Highlights
- Revenue of $1,812,000 up slightly from $1,773,000 in Q1 2008
- EBITDA of $47,000 compared to a loss of $283,000 in Q1 2008
- Net income of $56,000 ($0.00 per share) up from a loss of 343,000 ($0.03 per share) in Q1 2008
- Cash flow used in operations of $207,000 up from $201,000 in Q1 2008
- Cash on hand at December 31, 2008 of $1,010,000 down from $1,217,000 at September 31, 2008 but up from $591,000 at December 31, 2007
Revenue for the first quarter was $1.8 million, slightly higher than revenue for the first quarter last year. The increase was due in part to the recording of maintenance revenue of $68 thousand on the signing of an agreement which covered a period in the prior fiscal year and to the benefit of approximately $150 thousand from the higher exchange rate for revenue denominated in US dollars compared with 2007.
Our gross margin of $1.0 million was $150 thousand higher than the first quarter of fiscal 2008. The increase was attributable to lower compensation costs and the recording of $68 thousand in revenue for a maintenance agreement which extended back into 2008 and had no associated costs in the current quarter.
EBITDA for the three months ended December 31, 2008 was $47 thousand, however it included $180 thousand of non-recurring recoveries, which if they had not occurred would have resulted in an EBITDA loss of $133 thousand, which is still a 53% improvement over the loss of $283 thousand in the first quarter last year.
“We are pleased with the achievement of our third consecutive quarter of positive EBITDA and net income during a period of challenging economic conditions. Although the results benefited from some non-recurring items, they were still significantly improved over the prior year due to lean operating initiatives implemented earlier last year,” commented Robert Nygren, President & CEO. “We will continue our efforts to manage costs and cash appropriately, and focus on our core markets of aerospace, defense and heavy equipment,” added Nygren.
About Epic Data International Inc.
For over 30 years Epic Data has been a leader in manufacturing operations management and real-time data collection solutions to the world’s most progressive complex manufacturing organizations. Defense contractors, aerospace, automotive, high technology and industrial equipment & machinery manufacturers employ Epic Data solutions to optimize the ROI of their manufacturing IT infrastructure investments and operations by increasing plant and people productivity, plant to enterprise visibility and time to value.
Information about Epic Data is available at www.epicdata.com
Note: Forward-looking statements in this news release are based on current expectations of management. Epic Data cautions investors that, due to risks and uncertainties, actual events may differ materially from current expectations.
For Information contact:
Robert Nygren
President & CEO
Epic Data International Inc.
robert.nygren@epicdata.com
604-273-9146
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